"The New York Knicks are planning to part ways with embattled President of Basketball Operations Phil Jackson later this morning," Wojnarowski wrote. "Owner James Dolan has been weighing Jackson's future role running the franchise ... Dolan and Jackson, 71, talked about the possibility of a parting on Tuesday, league sources told The Vertical."

"After careful thought and consideration, we mutually agreed that the Knicks will be going in a different direction," Dolan said in a statement. "Phil Jackson is one of the most celebrated and successful individuals in the history of the NBA. His legacy in the game of basketball is unmatched. We wish him the best and thank him for his service to the Knicks as both a player and an executive."

Jackson was hired as team president in 2014, and the team has since gone 90-171 with no playoff appearances.